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STAR-ADVERTISER / NOV. 2006
The Kmart in Iwilei is scheduled to close in late March.
The parent company of Kmart stores will close its first Hawaii location, at 500 N. Nimitz Highway, in late March, with a liquidation sale beginning Thursday.
Parent company Sears Holdings Corp. recently sold the store to Seritage Growth Properties as part of an agreement in which Sears leases the store from Seritage.
Seritage “contractually has the right to terminate our store’s lease early. Seritage informed us that they will be exercising that right and hence we will be closing the store,” company spokesman Howard Riefs said in an email.
The Iwilei store opened in 1992 and has 141 employees, most of them part-time, hourly workers. Eligible associates will receive severance pay and have the opportunity to apply for positions at Sears or other Kmart stores, he said.
Customers with items on layaway may pay off their contracts early or transfer their contracts to another store location or to Kmart’s online operations, he said.
I bet all the HOMIES across the street at IHS are really going to be very happy about this?
No more free pizza slices in the trashcan at that K-Mart.
How long do you think thee IHS site will survive?
IHS isn’t gping anywhere.
Roaches will not go away, and neither will the homeless in Honolulu.
Just a bad location next to homeless shelter. Bad vibes. Females always getting stared at by the you know what…
Honolulu’s City Mill and Zippy’s might go under if Hilo Hatties becomes a homeless shelter, too. Real estate is location, location, location.
in proven basic market principle terms, this is the wisest choice. the 4 P’s principle are very much in play here. it’s a wonder that it has lasted for so long as it has. while the need to service the proven clientele that has supported it still exists, that service can still be provided but under less challenging circumstances and in a more friendly environment (read “location”). the product mix might have to be tweaked also as part of that effort to continue to give service and remain viable. an unfortunate but understandable corporate decision. the adaptable can survive, the complacent will not – especially in a world of change.
Anti-Business Hawaii does it again.
It’s only anti-business for those that aren’t good in business, Mike and I doubt the homeless had a big impact on the decision with it.
Sounds more like a business decision by Seritage Growth Properties. They probably have another tenant lined up or plan to redevelop the property, either way they will probably get a higher yield on that real estate.
Or the beginning of SRG’s death spiral.
GGP got most of the good properties in the REIT conversion. SRG has a lot of the garbage. Including this one.
I suspect that Sear’s CEO has been pouring money into SRG to keep that and SHLD higher than they would be otherwise.
GGP and Simon Property are both great stocks to own.
In this case, the anti-business model has nothing to do with it. It’s an antiquated business model still in use at K-Mart and Sears that will lead to the chains demise.
Difficult location for business. I wonder what will be there next? Considering the early termination of the lease. Maybe another homeless shelter sold or leased to the state, instead of the Old Hilo Hattie’s site.
Maybe another rail station?
Never know anything is possible given its proximity.
Gibson’s is coming back!
Hawaii is the next Puerto Rico.
This is what will happen when the homeless shelter is in Honolulu’s prime land location. Homeless should be stationed at the North shores of O’ahu. Out of sight, out of mind.
North Shore has MORE than their fair share of homeless out there..as does the Leeward Coast. How about housing them out in EAST Oahu?? I’m all for sharing some of the burden with the East side and thereabouts
All the lawmakers live on the east side, so of course that won’t happen.
I remember when this store first opened! What a sight on the evening news! So much ooohs and aaaahs over the low prices. I remember one wahine held up a dress that was $7.99 and exclaimed, “There’s no one or two in front of this price!”
This I vividly remember, but cannot recall my kids’ names by the end of the day.
Sadly, KMart customer service went south in recent years and WalMart and Target became the go-to big box retailer du jour. Haven’t shopped at KMart in years.
I have the same recollection as you, and you statement about kmart service, is spot on.
I still remember when Home Improvement hardware store was still there.
How about converting that store into a shelter?
Anything owned by Sears seems to sink.
Pretty much.
Gotta wonder though, why Buffet invested so much into Seritage Growth Properties. Personally that is, not through Berkshire.
Wearing rubber slipper, I slipped just inside the main entrance when it had tile….banged my knees badly and no one came to my aid…….I shoulda sued, coulda been on Easy Street by now.
I loved this place when it was open 24/7…….bought a lot of stuff from them back in the day……..I’d run across the street to buy a $4 used Aloha Shirt from Salvation Army thrift store.
Got to watch them bee’s knees.
KMart and Sears will become extinct soon. Wasn’t that the ultimate plan of it’s CEO Ed Lampert, the developer? These retail stores across the US are more valuable for their real estate, not for selling merchandise anymore. When was the last time you saw any improvements to it’s buildings and merchandise? Lampert is widely condemned for his practice but a lot of the blame can also be placed on today’s shopper using the internet and avoiding stand alone stores like Kmart and Sears.
Ed Lampert is an egotistical fool who is throwing good money after bad.
Kind of like some of our fringe elements here. Amusingly.
Any retail that is duplicating Walmart will not survive.
Kmart’s story is actually older, started in 1897 as Kresge five and dime.
what. Now Walmart and K mart are really a China mart with practically everything they have for sale made in China.
Why? Why? Oh, why — one of the few inexpensive stores left on Oahu. We all have to be multi-millionaires to live here.
Multi millionaire is nothing tho brag about in Honolulu. I am still clipping coupons from the Midweek and the Sunday’s SA.
And clearly money can’t buy happiness. You seem like one lonely person.
I think the song says that money can’t buy love.
Big box stores are not popular anymore. Was the place to go starting families however as one settles down taste change and get elevated to the finer tastes. Same with dime stores(Kress).
Shopping online is the only way to beat from paying any sales tax.
I agree.
um no..check out costco
Costco is cheaper by the unit price, which means to buy in bulk. Now what will allie do with ten pounds of raw carrots?
Go to any Costco and you will see how wrong you are. LOL
Thank goodness the new Nordstrom will open soon!! I was getting stressed there for a minute…
High class retail has the cleanest restrooms.
I remember navigating through that store with my shopping cart around four full pallets of the same brand of dry dog food last year. Now why does a retail store need to display four pallets of the same dog food? What a waste of space.
Nobody wants Kenmore appliances anymore they are just the worst.
Umm… you do know Kenmore are rebranded models of Whirlpool, GE, etc? There’s no “Kenmore” factory.
That area does not work for retail business. I’m surprised they did not close way earlier.
Actually, I think it’s pretty obvious that the Wal-Mart on Keeaumoku took all their business from town. Why would I drive all the way out to Iwilei when I can get to Wal-Mart in less than half the time? Same goods, and Wal-Mart is packed. Don’t get me wrong, I remember when that K-Mart was pretty much the only easy place to shop cheap in town. But now plenty other stores.
Um, not everybody lives where you live. Plenty people live Kalihi side.